CADJPY Short Potential Kings Crown Pattern
CADJPY: Potential Kings Crown Pattern.
CAD currency is impacted primarily by oil prices.
JPY- Safehaven
Yesterday OPEC ( Organization of the Petroleum Exporting Countries) Stated 2021 forecast OECD stocks to be 70 million barrels below average, relative to 20 million barrels below average in the previous estimate.
Throughout the second half of 2021, OPEC+ expects commercial oil stocks to dip below the 2015-2019 level
Other News Events
Today there are Financial meetings in Canada
Tomorrow Core Retail Sales Numbers will be released at 8:30am
If these numbers come in below expectations, there could be a negative impact on the CAD currency pairs.
Technicals:
Daily B Boundary has formed and price gave a shallow retracement.
Price could not break through the daily resistance level ( Red) at 88.200, but this move up to retest the resistance zone, created a higher high.
After the rejection off of the 88.200 level, price pushed back down to the 23.6 level, which took out the previous low.
Price rejected off the 23.6 level and is headed back to retest the 4hr resistance level ( purple).
If this 4hr resistance level holds and the price breaks the trendline on the 1hr chart, we could see the price move down to the Daily 38.2 level to complete the Kings Crown Pattern.
** NOTE: Price could move all the way back up to the Daily resistance zone before making its move down. If the price breaks the Daily resistance level, I will re-evaluate at the 1.18/1.27 extension level for a possible 80/20 play.**
Always remember to follow the rules of your trading plan.
CAD currency is impacted primarily by oil prices.
JPY- Safehaven
Yesterday OPEC ( Organization of the Petroleum Exporting Countries) Stated 2021 forecast OECD stocks to be 70 million barrels below average, relative to 20 million barrels below average in the previous estimate.
Throughout the second half of 2021, OPEC+ expects commercial oil stocks to dip below the 2015-2019 level
Other News Events
Today there are Financial meetings in Canada
Tomorrow Core Retail Sales Numbers will be released at 8:30am
If these numbers come in below expectations, there could be a negative impact on the CAD currency pairs.
Technicals:
Daily B Boundary has formed and price gave a shallow retracement.
Price could not break through the daily resistance level ( Red) at 88.200, but this move up to retest the resistance zone, created a higher high.
After the rejection off of the 88.200 level, price pushed back down to the 23.6 level, which took out the previous low.
Price rejected off the 23.6 level and is headed back to retest the 4hr resistance level ( purple).
If this 4hr resistance level holds and the price breaks the trendline on the 1hr chart, we could see the price move down to the Daily 38.2 level to complete the Kings Crown Pattern.
** NOTE: Price could move all the way back up to the Daily resistance zone before making its move down. If the price breaks the Daily resistance level, I will re-evaluate at the 1.18/1.27 extension level for a possible 80/20 play.**
Always remember to follow the rules of your trading plan.